As the general utility of meme coins remains highly doubted, leading exchange Binance, in its announcement, warned:
“Memecoins are extremely high risk; please ensure that you exercise sufficient risk management. Please note that, as of the time of writing, PEPE has no token utility or value support mechanism.”As of this writing, the meme coin exchanged hands at $0.00000309, with a 291% jump in trading volume within the last 24 hours. Increased trading following PEPE’s addition to Binance’s Innovation Zone pushed its daily trading volume to an all-time high of $2.
As investors rushed to capitalize on the price surge of meme-inspired cryptocurrency PEPE, the token’s network experienced a surge in demand, with many new users flocking in to trade the alt. According to data from Santiment, the count of new addresses created to trade PEPE rallied by an impressive 169% on 5 May.Further, since the memecoin’s launch on 17 April, the whales have actively traded the token. For example, the count of whale addresses that hold between 10,000 and 10,000,000 PEPE tokens has since risen by over 23,000% in under 30 days.
While there have been a few price dips, this cohort of PEPE investors remains undeterred as they continue accumulating the meme coin.
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